Marriage Loan EMI Calculator

Marriage loans are unsecured loans offered by multiple banks such as ICICI bank, Axis Bank, HDFC bank, Kotak Bank, etc as well as multiple NBFCs such as Tata Capital, Fullerton, etc. The loans are repaid in the form of Equated Monthly Instalments (EMIs) also know an Equal Monthly Instalments. EMIs for personal loans are usually fixed for the tenure of the loan. Each EMI repaid has a certain Interest component and a certain principal component. Usually the initial EMIs have a higher interest component in comparison to the later EMIs. The reverse holds good for the principal amount where the initial EMIs account for a lower principal amount in comparison to the later EMIs. EMI option is available to payback different kinds of loans such as personal loans, home loan etc. EMIs are different from variable installments where the borrower can pay the lender an amount greater than the fixed monthly instalments.

EMI Calculation

It’s a good idea to calculate your monthly installments payable when you are looking to advance personal loan. It helps you to decide on the right option among various offers based on your financial commitments. You just need the basic information like loan amount, tenure and interest rate to calculate your EMI.

Therefore the EMI is 15,749
Total Interest Payable is 2,44,913
(Principal + Interest) is 9,44,913

The main components of your EMI are the interest rate and tenure. If you get a personal loan with less interest rate, your EMI will considerably decrease. Again getting a better offer depends on the below criteria.

Self-Employed vs Salaried - Salaried Applicants have a better chance of getting lesser rate when compared to Self-Employed Applicants due to the stability of the income.

Company you work for – If you work in one of those top corporate companies, the chances of getting better interest rate are higher than the ones working with startups.

Your position in the company you work for – If you are one among the top management, you might get better offers due to the status attached.

Your Residence – You will get better interest rates if you are staying in your owned house vs rented house.

Your Credit History – If have a good credit score and history of repaying any earlier loans on time, increased chances of you getting a better rate.

Are you ready to explore the different options available for your Marriage Loan?

Reserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by Etyacol Technologies Pvt Ltd (Cashkumar), and does not provide any assurance for repayment of the loans lent on it.